New build mortgage and 90% LTV

Highbury

My wife and I are first timer buyers and are looking at buying a new build for around the £150-160k mark. We only have a 10% deposit and from what my mortgage advisor tells me, it is difficult to get a 90% LTV mortgage on a new build. He managed to locate two lenders which appear to do it, Nottingham Building Society and Abbey Building Society.

Are we really limited to just these two? Or are there more lenders out there that offer this? If it is going to prove difficult, are we better off looking at buying something older (I understand anything over 5 years old isn't classed as new build?)?

GMS

Looking for a non new build will open up many more possibilities for you. New builds are restricted on LTV.

I asume you are looking at a new build house? New build flats are restricted much further.

Highbury

Yes, it's a new build house, 3 bedrooms, semi-detached.

The list price is £165k, though we hope to get it for around 10% less than that, say around £145-150k. If that is what the lender genuinely values the property at, would there no longer be an issue?

USM

New build prices are enormously inflated by the developer to make you think the discount you are getting is a good deal so no, the lender will generally value the property at the agreed purchase price... or less.